Minister of Minerals, Governor of CBOS announce new policies for purchase and export of gold

Minister of Minerals, Dr Ahmed Mohamed Al-Sadiq Al-Karuri unveiled adoption of new policies for gold purchase and export, accordingly companies are allowed to export 50% of their production and freely dealing with the revenues while selling the remaining 50% to the Central Bank of Sudan (CBOS). 
The Minister said in press statements after extended meeting which was attended by the CBOS Governor, Hazim Abdul-Gadir, Chairman of Sudanese Businessmen, and Employers Federation (SBEF), Sa'aoud Al-Berair, Chairman of the Commerce Chamber, Yousif Ahmed Yousif and Chairman of the Goldsmith Union, Abdalla Al-Jak, that the new policies give companies operating in mining field bigger incentive for previous policies allowed the companies to export only 15 percent of production and selling the remaining 85% to the CBOS.
He added through such policies control over most production of gold would be made and thus smuggling of gold would curbed and that the new policies would encourage new companies to come in and invest in the sector plus increasing production of companies already operating in the gold mining sector , disclosing that the aim of the new policies is to create good and attractive environment for investors.
CBOS Governor, Hazim said the Central Bank would issue a circular that allows private sector to purchase and export gold and that the Bank is ready, as of next Sunday, to receive applications from companies, noting that the step was set to enable the private sector to play effective role in development of economic sector.
Chairman of Goldsmith Union, Abdalla Al-Jak said the policies announced would curb phenomena of gold smuggling and would decrease the rate of hard currencies.

Source: SUNA